Financial Crime World

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Haiti’s Struggle with Anti-Money Laundering Laws and Regulations: A Review of Technical Compliance

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Haiti, a country plagued by corruption and financial instability, has been working to strengthen its anti-money laundering (AML) laws and regulations. The Financial Action Task Force (FATF), an international organization that sets global standards for combating money laundering and terrorist financing, has been monitoring Haiti’s progress.

Progress and Challenges

According to the FATF’s latest report, Benin Follow-Up Report 2023, Haiti has made some progress in implementing the technical requirements of the FATF Recommendations. However, there are still several areas where Haiti needs to improve.

Ratings and Performance

Ratings reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations:

  • C = compliant
  • LC = largely compliant
  • PC = partially compliant
  • NC = non-compliant

Haiti received low ratings in several areas, including:

  • R.8 - Non-profit organisations (NC)
  • R.15 - New technologies (NC)
  • R.24 - Transparency and beneficial ownership of legal persons (NC)

However, Haiti did receive higher ratings in some areas, such as:

  • R.9 - Financial institution secrecy laws (C)
  • R.11 - Record keeping (LC)
  • R.21 - Tipping-off and confidentiality (C)

Recommendations for Improvement

The FATF has recommended that Haiti improve its AML/CFT regime by:

  • Strengthening national cooperation and coordination
  • Implementing a risk-based approach to assessing and mitigating money laundering and terrorist financing risks
  • Improving customer due diligence procedures

Government Response and Commitment

Haiti’s government has acknowledged the need for improvement and has committed to implementing additional measures to strengthen its AML/CFT regime. The country is working with international partners to improve its financial sector and reduce corruption.

Conclusion

While Haiti has made some progress in implementing anti-money laundering laws and regulations, there are still significant challenges that need to be addressed. The country must continue to work towards strengthening its AML/CFT regime and improving its technical compliance with the FATF Recommendations.